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year. government spending has done next to nothing. bernanke still has no real strategy. we're going to get to all of that with our market panel. who joins us now to talk about these many events of the week. we have peter morici of university of maryland. dan fitzpatrick and john carney returns. you know, dr. frolick, i want to begin with you. not greece, not the euro, not the snows, nothing really week.d stocks from going up the market has peaked in mid january and hasn't moved much in many months. but the fact remains, things may not be so bad. weigh in. >> i think it comes down to earnings, larry. we got some great efshgs. across the board, time warner, ann taylor, a look at comcast, even moodie and sony, it wasn't just earnings, larry, it was top-level revenue growth. the big picture, when you look at china, understand even with them slowing down, when they slowed down the first time, china banks still let $2 billion this january. third highest on record. as investors you have to realize this is money already in pipeline. when you think of china mustard seeds, larry, they're abou
. >> right. there's nothing they've got on ç you. >> not anymore. >> ben bernanke who oversaw the collapse of not just the united states but the entire world financial system and brought our economy to its knees has been reappointed as head of the fed. >> right. >> does this give you hope for being re-elected governor of new york? because may i remind you, he screwed everybody. >> i just became a fan of ben bernanke. >> i love colbert. spitzer is doing it right. he quit. gave up the governorship and showing the humility, well-earned humility this country is willing to accept. sarah who? watch senator scott brown dance away from sarah palin saying he never spoke to her. >> do you think that sarah palin is presidential material? >> well, sure. she has been a mayor and a governor and has a lot of national following. the more people in a presidential race the better. she never contacted us and vice versa. >> really? she has never contacted you? how do you figure this statement from palin's camp. governor palin spoke with a very happy senator-elect brown this evening and congratulated him. hmm.
had hey, ben bernanke, tim geithner and sheila bair at head of the fdic. i know a lot of people in finance and business and government. i cannot think of four people who would have done a better job to get us through that. it is fashionable to look back and look at one little aspect of what was happening our country's financial system froze up during that period. some of you were at a party i was at september 2008 when the talk of what are the money market funds save? when you have 3.5 trillion of funds held by 30 million people who on a sunday night worry about whether they can get their money, that was half of all deposits. you have a panic. you have commercial paper frees up entirely and some of the biggest companies in the united states that are described, worried if they would be payrolls in a short period of time. the six largest bank in the country with domestic deposits washington mutual and the third largest bank, wachovia, needed of shock on a monday morning to survive. most interesting, but this book starts and early september when freddie mac and fannie mae essential
to believe the date when ben bernanke moves it off zero is getting closer. c i don't see anything in that data. we don't look like greece. we don't look like spain either. people are up because we have had good news. >> take note. the front end is being held by the fed at zero. and the concerns are starting to mount. what you're starting to see is the stheppening but the growth is not as strong as people indicated originally. >> that's not how i read the data. long-range dates went up today, the date that we are taping because the philly -- there was optimism not pessimism. >> we have 1.7 trillion in the market. interest rates do not go up, which i think is a totally unrealistic assumption over time based on the sides deficits that we're talkingng about. >> and banked on what bernanke -- >> we can debate how quickly and fast but here is the key. even if they don't go up, the single largest line item in the federal budget within 12 years will be interest on the federal debt. larger than defense. larger than medicare. larger than social security. what do weit get for that? nothing.
room that we were very fortunate as a country to have in place. we had hank. we have ben bernanke. we have tim geithner, and we had sheila bair, the head of the fdic. and i know a lot people in finance. i know a lot of people in business. i know a lot of people in government. and i can't think of four that would have done a better job of getting us through that. now it's kind of fashionable now to look back and pick out one little aspect or another of what was happening then, but our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008 when the talk was, are our money market funds safe? now, when you have 3.5 or more trillion of funds held by 30 million people, who on a sunday night are worrying about whether they can get their money, that money was half of all the deposits held by u.s. banks at the time. you have a panic. you had commercial paper freeze up entirely, and you had some of the biggest companies in the united states, and some of them are described in this book, to worry about whether they're going t
in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but they want me
we talk about where bin bernanke and i told congress we're going to need these authorities, and the difficulty we had at that time was as more and said better than i could. the arteries of the financial system were freezing up, and so i knew with certainty that business was going to turn down because when you have companies it is uncertain whether they will appeal to raise short-term funding. most of the cfo's are going to go to the ceo and say i may not be able to have all of the funding he would like for the next 30 days so what does a prudent company do? they start cutting back but the congress had an seen this yet so they hadn't seen it in their district so i knew with certainty it was going to get worse. i'm not sure i knew it was calling to be 10% on an employment but i knew we was going to be bad. so then, and i knew if they didn't do something in the collapsed, then the businesses wouldn't be able to find themselves, wouldn't be able to pay for the inventories and pay the supply years and would let employees the and the would ripple through the economy and we would
votes. today, ben bernanke began his second term as chair of the u.s. federal reserve. ceremonial swearing in was held earlier in washington. glen b glenn beck returns in a moment but first, bret baier previewing "special report". >> bret: what really came out of the white house briefing over how the christmas day bomber was handled? and what is the national intelligence director saying about the process now? join me in 27 minutes for special report. now back to glenn beck. >> glenn: you know, i'm so tired of the so-called experts, because they haven't gotten on all of this. they're scoffing now at the idea that china is the next superpower. i think it's already happened. we better wake up. i trust the regular americans more than the so-called experts. your agenda is america. what is their agenda? i can't figure it out sometimes. 44% of americans now believe china is the leading economic power. what do the people know that the experts refuse to address? maybe experts don't know how to read. it just read the chinese government is cutting back on imports. i saw that and i went holy
. bernanke will lay out a plan for credit tightening. another big headline, former merrill lynch chief john thain picked to lead cit. it brings together two prominent casualties of the credit crisis. >> "the washington post" after the massive snowstorm, they are ready to get hit again tomorrow. >> the snow at their home was up to their waist. >> your mom has an art exhibit here. what are they 82? >> 82 and 80. and they drove up. >> once you have to drive through nazi check posts to escape the country, it's nothing getting through jersey. >> i was worried, but they are just fine. she has a big opening tonight it will be fun. >> my art exhibit was there last week. >> it was? did you show your postcards? that's good. >>> michael lke allen has the m playbook. the joint summit on health care. i like the idea if you think it will give the idea of health care reform momentum. >> well, sure. i think people in both parties wonder why now? we said on this show, one of the easiest things for the president to have done was to call republicans, turn on c-span, msnbc and say what have you got? he is fina
to come back into a government position and i know ben bernanke and hank paulson are well-known for this. could you talk a little bit about that in any ideas on how that could be stopped through laws or voter action or anything? >> i'm glad you reminded me about the revolving door. i see this happening. i see my friends do this. they dress like me when they are working on capitol hill and i see them two years later and they have really nice suits with a french cuff and offer to buy lunch. the left the capitol to up working for congress and a lobbying firm hired them because they knew that when the friend then calls his old underling on capitol hill to say hey i just want to talk to you about the farm bill, that his old boss or his old bosses colleagues are going to take the call and that is the revolving door. barack obama's said literally, i'm going to stop the revolving door. is white house chief of staff, rahm emanuel-- there is not, as the word for rahm emanuel because welby was working on the campaign is a chief fund-raiser he was getting paid by goldman sachs as a consultant at the
that of course was going to burst, and this is why i get mad at people like alan greenspan and ben bernanke and most economists because god knows what on earth was going through their heads in the year 2003 to those of four cardinals five, 2006, to dozens of as the bubble could growing and growing and the savitt is okay and now they are surprised who could have known that is the joke we have or not washington they run around saying who could have known? anyone doing their job should have known. >> host: amity shlaes, anything you want to address? >> guest: i think it's important of the interplay and the war and domestic policy because when you have -- it's true the government can't think about two things at once. it can't walk and chew gum at the same time and when you have a distraction whether you believe it's something we should invest in, afghanistan, iraq or not the government doesn't think well what is going on at home so if he would have called on our various leaders at the fed or the white house over time under -- in this purpose it would be under president bush postsecondary 11th h
as a country to have in place, hank, ben bernanke kumbaya tim geithner and sheila bair the head of the fdic. i know a lot of people and finance and business and government. i cannot think of for that would have done a better job. but to look back of our country's financial system throes of during that period. some of you were in a party i was that in 2008 when the talk, when you have 3.5 four more trillion held by 30 million people on a sunday night are worried about whether they can get their money, that money was half of all deposits held in the banks at that time. you have a panic. you have commercial paper frees up entirely and some of the biggest companies described in the book worried if they would be payable in a short period of time. the sixth largest bank in the country with the maastricht staged domestic deposits and the third largest bank, wachovia, i needed a shotgun marriage on a monday morning and it just arrived this. interestingly the bookstores early september when fannie mae and freddie mac worry essentially bart -- broke. the two institutions guaranteed 40 percent of all res
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get so mad at people like ben bernanke. most economists, god knows what on earth was going through their heads as they watch the bubble keep grow and grow and grow and said everything was okay. now they are surprised fukuda agnone? that is a joke we have around washington. anyone who is doing their job should have known. >> host: amity shlaes anything there you want to address? >> guest: i think it is important to think about the interplay between the war in domestic policy because it is true the government can think about two things at once. it cannot walk and chew gum at the same time and when you have a distraction, whether you believe it is something we should invest then, afghanistan, iraq, the government does not think well about what is going on at home so if you called on our various leaders that the fed or at the white house over time under, in this period under president bush,'s september 11 you would say are you concerned about fannie mae? they would say absolutely, here's the data and they are going out of control, fannie and freddie and we will be have legislation abou
not remember this because we probably didn't keep track of everything that paulson and bernanke and george bush did, but lehman falls on september 15, then what we have is on september 23 the chairman of the federal reserve and the secretary of treasury come into congress and they testify that they need $700 billion, they've got a 2 1/2-page bill, they don't know what they're going to do with the money, but if you don't give it to them then the world is going to end. now that makes you a little currentble if you're deciding what you're going to do with your investments. not only that, but the next day the president of the united states comes on national television and says the following, speak to the american people, just to get them, you know, calm down a little bit, he says, financial assets related to home mortgages have lost value during the housing decline and the banks holding these assets are are restricted credit. as a result our entire economy is in danger. so i propose that the federal government reduce the risk posed by these troubled assets and supply urgently needed money so banks
bernanke who was named by bush the federal reserve chairman, henry paulson, the treasury secretary. they said if they didn't do this bailout, the abyss would've happened and it wouldn't have been a recession, it would have been a depression. >> well, you know, a lot of people did offer that chicken little scenario. and equally other economists and people in the real banking world, for example, a communication i received from the president of bb & t asking the 435 members of the house and the 100 members of the senate not to vote in favor of the bailout because the money would not end up being used by banks to be loaned to consumers and you would have banks under the thumb of greater government control. and, indeed, though i don't like to use hank bolson as a source, he made it very clear that while mccain in the end supported it, when john suspended his campaign to go back to washington, and voters thought he's going to make a stand for us. john, instead of being the tell it like it is straight talk express guy, he meekly read a couple of talking points and went ahead with the whol
professor and no stranger to the audience at c-span2, douglas bernanke -- douglas brinkley. thank you for joining us this morning. guest: good morning. thanks for having me. host: if president stay were a holiday celebrating just one president, it there or one president to honor, who would it be for you and why? guest: i think the original, george washington. remember presidents day began as washington's birthday in 1880 and subsequently evolved, 1971 was started getting this concept of presidents day morphing of washington and lincoln's birthday and then the idea of just celebrating the institute of the president and having school children learn each president and what they look like and memorize the names. but washington is, in my view, the person we need to be celebrating on presidents' day. he did something very extraordinary as our first president, he stepped down. he showed you could relinquish power. that we were not going to become a market. he could have stayed in for life terms because he was that popular but i think it was the beginning of the tradition -- of the presence i
said --ç and i remembered s@iing this to bernanke -- i believe for theç denning wall . you guys and your friends and wall street caused the problem. even if you think the ballot as necessary, i tell you what to do. go back to the richest and saying we are putting a surtax on millionaires and billionaires to pay for the bailout. that was my view. xd and iç think what michael is talking about, there was huge frustration and anger in this countryq that government has worked to protect the interest of wall street whileç ignoring- çkow3michael talkingi] about tt that he is a father tried to send kids through college. we are putting more money into programs but we have a lot more to do. i think what people are saying and crying out for, what about us. we are working 50 or 60ç hoursa week, start worrying about us and not just the big money interests. i (jjtjr host: senator bernie sanders, thank you for coming on "washington journal." we will take a short break and will become that the discussion regarding the economy and the latinoç community but the president of la raza. fir
of making decisions on interest rates. mr. bernanke does testify regularly on capitol hill explaining what he is doing, and why he is affecting monetary policy the way he is. some, like milton friedman, have suggested that we could replace federal reserve with a computer that could determine these interest-rate formulas. perhaps that would be better. federal reserve policy can be subject to certain criticism. i do not hoknow how we would do this. there is disagreement on the way they have handled the recession, and that is fair. host: another tweet -- guest: $3 trillion of the deficit? over the next 10 years, if we expended all the tax cuts, for everyone, that would be about $3 trillion. the deficit is much bigger than that. the base line is $11 trillion. if you got rid of all the tax cuts, we would still have and $8 trillion deficit over the next 10 years. president obama is not talking about doing that. only for those making more than $250,000 a year. that is only 1/5 of the tax cuts. if you want to get rid of "tax cuts for the rich" it is over $16 billion from a deficit of $11 trillion.
market overseas are down in anticipation of fed chairman ben bernanke's testimony. that will happen in congress and will happen today. he's talking where the economy is going and what's going to happen to interest rates. it comes a day after the consumer confidence index dropped 10 points. i'm competent this segment will with gretchen. >> freedom of speech is live and well in america's universities, we know that, right? unless you're saying something that the students don't like. check out recently happened at u.c. irvine when the israeli ambassador to the u.s., michael orrin tried to deliver a speech he was invited to make. >> it's a source of frustration the person who spent much of his life speaking hebrew. >> not -- >> haven't come to this campus to hear one idea. you've come to hear a multiplicity of ideas. >> guilty of 100 -- >> you, sir are responsible for genocide. >> ok. fox news contributor tucker carlson is joining us this morning from washington. good morning to you, tucker. >> good morning. >> that's disgraceful. they invite this guy to the university to speak and c
. the ayes have it. the motion is agreed to. accordingly the house stands >> ben bernanke testifies about the economy and monetary policy. now, secretary lahood. this part of the hearing is 50 minutes. >> let me just raise a couple of questions with you very quickly. the committee has reviewed thousands of complaints regarding sudden acceleration in the toyota vehicles. before the crash thatñossÑçkçñar membersÑiñr of at( family in aut "tsjutÑ. ñrmy questionÑi is, why did it e jjtxdñrÑi to act? &Ñignz+:çóx@%ylñx].sÑiñr why did it take them so long to act? >> mr. chairman, i would say this. i have been in the job more than a year. prior to my time which would have been prior to january 23rd of '09, if there issues i can't answer, i will get back to you for the record. i will tell you this, 30,000 complaints come to nh tsa every year and we look at every one of them. we think every one is important. some come from people who are driving cars and some come from the industry. we look at what's going on from stakeholders and people in the automobile business. sometimes they f
to the audience at c-span2, douglas bernanke -- douglas brinkley. thank you for joining us this morning. guest: good morning. thanks for having me. host: if president stay were a holiday celebrating just one president, it there or one president to honor, who would it be for you and why? guest: i think the original, george washington. remember presidents day began as washington's birthday in 1880 and subsequently evolved, 1971 was started getting this concept of presidents day morphing of washington and lincoln's birthday and then the idea of just celebrating the institute of the president and having school children learn each president and what they look like and memorize the names. but washington is, in my view, the person we need to be celebrating on presidents' day. he did something very extraordinary as our first president, he stepped down. he showed you could relinquish power. that we were not going to become a market. he could have stayed in for life terms because he was that popular but i think it was the beginning of the tradition -- of the presence in beginning with washington. and ou
Search Results 0 to 31 of about 32 (some duplicates have been removed)